Various types of cooling mechanisms can be used to remove waste heat from high power semiconductor devices such as power FETs and IGBTs. In cases where the waste heat and/or the ambient temperature are very high, the power devices can be mounted on a liquid-cooled heat exchanger or cold plate. The cold plate has internal fluid conducting channels and inlet and outlet pipes for coupling it to a cooling system including a fluid reservoir, a pump and an external heat exchanger. Due to limited thermal conduction between the power devices and the cold plate, the cold plate must be relatively large and the pump must be capable of producing high fluid flow. As a result, such cooling systems tend to be too large, too heavy and too expensive for many applications. Accordingly, what is needed is an easily-packaged, cost-effective way of cooling high power semiconductor devices.